Nigeria is losing about $15 billion annually to tax evasion, Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has said.
Fowler spoke, on Wednesday, as global tax experts converged on Abuja to find solution to offshore tax evasion.
At the meeting, the FIRS boss said Nigeria would implement the first Automatic Exchange of Information standard by 2020.
He said the regime was part of the country’s commitment to improve transparency in tax administration, increased tax revenue collection, enhanced effectiveness and efficiency service delivery.
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Fowler said there was importance linkage between tax compliance, domestic tax investigation, tax audit, information gathering framework and the international infrastructure for exchange of information amongst authorities and nations.
“Nigeria had demonstrated her commitment to improve transparency around tax matters, when she signed a declaration and joined the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account Information (AEOI) on 17th August 2017.
“…Nigeria has done all these to enable us conduct the first exchange of information under the automatic exchange of information regime by September 2020,” he said.
